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Africa’s largest EV company set for further expansion

The agreement was signed at the Africa CEO Forum. (Image source: Spiro)

Spiro, thought to be Africa’s largest electric vehicle (EV) company, has set its sights on further expansion following the signing of a US$50mn debt facility with the African Export-Import Bank (Afreximbank), a pan-African supranational multilateral financial institution

The EV company has deployed more than 14,000 bikes and recorded more than nine million battery ‘swaps’ in the five countries it covers – Togo, Benin, Rwanda, Uganda and Kenya. Its ultimate mission is to reduce environmental impact and enhance urban mobility across Africa by building an integrated EV ecosystem.

The signing ceremony between Spiro and Afreximbank was held in Kigali, Rwanda, during the Africa CEO Forum, and featured Kaushik Burman, CEO of Spiro, and Kanayo Awani, executive vice president of Afreximbank.

"This partnership affirms our commitment to fostering sustainable innovation and green technologies in Africa,” stated Awani. “The future of transportation lies in the use of electric vehicles and as demand for clean energy solutions soars, support towards companies like Spiro is crucial for accelerating the adoption of electric vehicles and reduction of carbon emissions. This collaboration not only aligns with our values of sustainability and responsible banking but also reaffirms our belief in the power of innovation to create a better world for future generations."

Towards a sustainable Africa

The newly available funds will allow Spiro to further expand its network of automated swap stations as well as introducing new electric bike models.

"This partnership with Afreximbank is a pivotal development for Spiro,” Burman commented. “The US$50mn debt facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries. It’s a testament to the confidence in our business model and our contribution to sustainable development in Africa."

Last year, African Review spoke to Jules Samain of Spiro to learn more about the company’s journey and ambitions. Discover the full interview at: https://africanreview.com/transport-a-logistics/vehicles/spiro-motors-ahead-with-electric-mobility

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